深市公司破产重整效果评估及监管建议

Effect Assessment of Bankruptcy and Reorganization of Listed Companies in Shenzhen Market and Supervision Suggestions

以2014年至2021年三季度深市进入破产重整的上市公司为研究样本,本文对公司特征、方案内容、进程效果及部分典型案例进行了全景式分析。研究发现,破产重整制度日趋成熟和完善,在资本市场得到了广泛运用,其中以陷入财务困境的上市公司为主,且民营企业比例逐渐增多;重整方案通常伴随着资产置出、权益调整和重整投资人的引入,重整完成通常能够显著改善重整公司的经营状况和盈利能力,同时也可能导致实控人变更。进一步分析显示,上市公司破产重整过程中存在司法套利、信息披露和风险化解等亟待解决的问题。

Based on the listed companies which have implemented bankruptcy reorganization in Shenzhen Stock Exchange from 2014 to Q32021,this article conducts a panoramic analysis of the company’s characteristics,the content of the reorganization plan,the process and effects of reorganization and certain classic cases.The research found that the bankruptcy reorganization rules have become more mature and been widely used in the capital market,which are mainly applied to the listed companies in financial distress,and the proportion of private enterprises is gradually increasing.In addition,the reorganization plan is usually accompanied by asset placement,equity adjustment,and the introduction of reorganization investors.The completion of reorganization can significantly improve the operating conditions and profitability of the reorganized company,and also lead to changes in actual controllers.Further analysis shows that there are problems needed to be solved urgently,such as judicial arbitrage,information disclosure,and risk mitigation in the process of bankruptcy and reorganization of listed companies.